Personal finance news - CNNMoney.com Updated : Keeping wealth in the family Lisa and Bruce Brown are fortunate enough to have plenty of assets to protect. Foremost of these is their children: The Browns are the proud parents of four-year-old Emma, and they have another baby on the way. The Oakland couple also have considerable assets of the financial variety. Thanks to diligent saving and smart property investments, the Browns have a net worth of nearly $2 million. Publ.Date : Wed, 31 Dec 2008 13:09:06 EST Macy's reports overcharging customers Some Macy's stores overcharged holiday shoppers who used debit cards to make purchases on one of the busiest shopping days of the year. Publ.Date : Fri, 02 Jan 2009 15:27:22 EST Life after a six-figure salary Happy new year and welcome to your new job. One that pays 30%, 50%, 70% less than your old one. Publ.Date : Fri, 02 Jan 2009 06:26:42 EST RSS For Web Pages Increase Web Traffic

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Mortgage brokers play a significant role in mortgages

Mortgage brokers act as liaison between lenders and customer for mortgage loans. These brokers take off the burden of lenders in initial work. Finding customers, pre qualifying them, putting together the loan package etc., are some of the important work completed. Lenders prefer mortgage brokers for the following reasons:

• To save time and money
• Being the first in contact with customers. Mortgage brokers work like branch offices.
• Satisfactory customer service – mortgage brokers know their customers very well. They can be served better by more personal contacts.
• Managing mortgage brokers is easy for the lenders.
• Lenders save money in marketing expenses. This could be passed on to customers in  the form of discounts.
• Low overhead cost for lenders.

Nearly 50% of the mortgage loans are arranged through a mortgage broker. Because of an exclusive clientele, mortgage brokers are able to serve the needs of customers leaving the lenders to concentrate on other matters. For customers also the interface with the lending institution is the mortgage broker. In fact, people get better rates if they go through mortgage specialists as opposed to going directly to the lender. If you are looking for a mortgage, first identify mortgage brokers in your area and approach them first. You will be able to save a lot of money.

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